The European Union on Wednesday imposed sanctions on Russia s state-run diamond giant Alrosa and its CEO as part of a ban on imports of the precious stones over the Ukraine war. The 27-nation bloc added Alrosa, the world s largest diamond mining company, and its chief executive Pavel Marinychev to a blacklist subject to a visa ban and asset freeze in the EU. The EU said the company which accounts for 90 percent of Russia s diamond production "constitutes an important part of an economic sector that is providing substantial revenue to the government."
European Union countries have agreed to a 12th sanctions package against Russia, moving to ban the import of Russian diamonds among other measures, the European Council announced in a statement on Dec. 14.
European Union countries agreed on a 12th package of sanctions against Russia, the European Council said on Thursday, meaning that a phased ban on Russian diamond imports among other measures will come into effect from Jan. 1. The EU has been adding sectoral and individual sanctions since Russia's invasion of Ukraine in February 2022 in an attempt to cut off revenues and military equipment feeding Moscow's war machine. "The European Council welcomes the adoption of the 12th package of sanctions,
GJPEC Gujarat Chairman Vijay Mangukiya said that stopping the import of rough diamonds for two months has definitely benefitted the industry to curb overproduction.